Alright so I'm fairly new to the recording world. I would just like to record my ideas and eventually some demos at home so I'm looking for a little guidance in the right direction.
I understand that I would need to procure and interface which I'm a little hesitant on doing. My budget for one is probably around $150-$250. I've heard a little about the mbox and I was wondering if that would be a wise decision for myself seeing as it can go directly into protools. Also I'm not 100% sure about the whole microphone thing. I know that to record vocals I'd need one, but would I need another for my guitar? Couldn't I just plug my guitar directly into the input on the interface and record like that?

I'd just like a little bit more info from people more experienced with home recording then me.
I have no interface, I just bought a USB microphone and record all my guitars/bass/vocals/synth you name it through it. Its an APEX 440 condensor mic, and it runs for about 90 bucks. It is a little bit noisy, as far as that goes, but if youre just getting started, id suggest it. Especially if its just for ideas and such. Save the money
I'd go with an interface and a cheap condenser mic. The condenser will do vocals, acoustic guitar etc and you can record bass and electric guitars through the interface into amp sim software.
Stay away from the Fast Track interfaces - myself and a few friends have had nothing but bad experiences with those.
As for tracking guitars, going direct through the interface is a good idea IMO, as long as you have access to a decent amp sim. Pod farm is always good, or if you're able to run VST plugins (windows) I've heard some people getting good tones from LeCab. I dont know much about the latter though.
Write the music you want to hear.